Global crude oil prices jumped again in the early trade on Monday, as US President Donald Trump declined the peace deal with Iran. As tension continues to linger over the reopening of the Strait of Hormuz, and markets fear further escalation in the US-Iran conflict, crude prices rebounded.
Brent Crude September futures climbed 1.27% or $1.32 to $105.64 per barrel, while the West Texas Intermediate crude gained around 0.76% to $93.11 per barrel as of 0036 GMT.
Amid the peace deal row, geopolitical risks remained elevated, with Iran and the Houthis continuing their attacks on Saudi Arabia, which is keeping the regional crude supply vulnerable as well.
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However, the shipment flow through the Strait of Hormuz witnessed some recovery, with the monthly flow touching 7.4 million barrels per day for September as Saudi Arabia had to divert shipments from the Red Sea port and a damaged East-West pipeline earlier this month.
Even amid such volatile crude prices in the international market, domestic fuel prices remained unchanged on Monday, Sept. 28.
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Petrol prices on September 28
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.51/litre
- Petrol price in Mumbai: Rs 111.21/litre
- Petrol price in Chennai: Rs 107.77/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on September 28
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83litre
- Diesel price in Chennai: Rs 99.55/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
What Drives Petrol and Diesel Prices?
State-run oil marketing companies haven't changed the domestic petrol and diesel prices across the cities of India since May end. They have been absorbing the impact of volatile crude prices in the international market, as apart from international crude prices, domestic fuel prices also depend on factors like the rupee-dollar exchange rate, refining costs, taxes, dealer margins, and others. Thus, every move in the crude prices in the global market doesn't translate into a change in domestic fuel prices.
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